Vietnam's real estate market is going through a period of change and transition, offering attractive opportunities for investors in the long term, consulting firm CB Richard Ellis says in its latest report.

"For those with a more adventurous medium to long term strategy, Vietnam offers an excellent opportunity over the next 12 months," according to the report. "Many investors who have been sitting on the sidelines for the past year are now looking for the right opportunities to make their maiden investments into Vietnam."

CBRE said there is a continued demand for international funds as macroeconomic forces put pressure on real estate developers and investors. The firm noted that the government has aimed to limit lending in non-production sectors, with the real estate and securities industries being highlighted as two leading examples. "This has limited new loans into the real estate sector and affected loan draws by developers and investors," it said.

The State Bank of Vietnam has set a target of keeping credit growth below 20 percent this year in an attempt to control inflation, which rose in June to almost 21 percent. It has also ordered commercial banks to limit credit for the non-production sector at 16 percent by the end of the year.

The report said the coming year will offer opportunities for international investors to enter into sensibly priced agreements as "expectations from land and project owners become more rational." Developers looking to consolidate their positions or to stay afloat are amenable to mergers or acquisitions. Those looking to raise ready cash will also pursue "fire sales" of entire sites, the company said.

"We feel that for the first time in a number of years there may be attractively priced investment opportunities available that will enable those willing to tap into the long-term potential of Vietnam," the CBRE report said.